Coin Edition -
- The market tilts toward utility in gaming tokens over meme coins.
- While SHIB’s growth suffered after the investment, MANA, SAND, and GALA’s showed promise.
- Notable Whale sells PEPE, profits $3.49M, and diversifies into SHIB, MANA, SAND, and GALA.
A notable whale investor recently made headlines by offloading 1.97 trillion PEPE tokens. This move netted $3.49 million in profit, as per Lookonchain, a crypto sleuth.
The investor promptly redirected these funds into a diverse array of cryptocurrencies, notably SHIB (Shiba Inu), MANA (Decentraland), SAND (The Sandbox), and GALA. This decision underscores an understanding of market dynamics and a commitment to diversifying investment portfolios to harness growth opportunities in various crypto sectors.
A smart whale changed his position from $PEPE to $SHIB, $MANA, $SAND, and $GALA.The whale sold all 1.97T $PEPE($6.07M) and made a profit of $3.49M.Then bought 75.9B $SHIB($893K), 1.6M $MANA($1.07M), 2.43M $SAND($1.48M) and 36.88M $GALA($1.46M).https://t.co/TsQgABvjIt pic.twitter.com/PbWGVtOVOZ— Lookonchain (@lookonchain) March 1, 2024
Following this portfolio adjustment, the market witnessed notable shifts in the performance of the selected cryptocurrencies. Despite the massive sell-off, PEPE tokens experienced a slight uptick in value, rising by 5.61% to $0.000003.
Conversely, SHIB encountered a significant downturn, with its value plummeting by 5.41%, trading at $0.000013, casting doubts on its future market trajectory. The dip in SHIB’s value post-investment illustrates the volatile and unpredictable crypto market.
However, other assets in the whale’s revamped portfolio, such as MANA and SAND, displayed promising growth, surging by 8.47% and 7.20%, with prices hovering at $0.646555 and $0.625977, respectively. GALA also saw a positive adjustment, with its price currently trading at $0.039623 and increasing by 0.40% in 24 hours.
As per an earlier report, MANA’s price trajectory suggests a potential further upsurge, with technical indicators favoring the bulls, hinting at a possible climb to $0.94. Similarly, SAND exhibits bullish patterns, with critical technical crossovers suggesting an upward move toward $0.70.
GALA, having attracted the most prominent investment from the whale, shows bullish projections with the possibility of ascending to $0.079, according to Fibonacci indicators. This collective momentum in gaming tokens underscores a broader market sentiment, indicating a shift from meme coins to assets with tangible utility and growth prospects in the blockchain gaming sector.
The post Whale Dumps 2 Trillion Pepe Coins: Will Shiba Inu Hype Sink PEPE Prices? appeared first on Coin Edition.